Eagle Mountain Mining (ASX:EM2) has signed a non-binding memorandum of understanding (MoU) with Japanese partner Nittetsu Mining (TYO:1515) to collaborate on mineral projects across Australia and North America.
The agreement builds on the companies’ existing joint venture (JV) at the Oracle Ridge Project in Arizona, US, where Nittetsu holds an 80% operating interest and Eagle Mountain retains a 20% free-carried stake until a US$20 million ($28.54 million) expenditure milestone is reached.
Under the 24-month JV, the partners will evaluate new projects targeting copper, zinc, lead, gold, silver, nickel, and lithium across early-stage exploration through to production assets. The agreement remains non-exclusive, allowing both companies to pursue independent opportunities with third parties.
General Manager of Nittetsu’s Overseas Mineral Resources Business Shinichiro Mita and Eagle Mountain Executive Director Fabio Vergara say jointly: “Nittetsu and Eagle Mountain are keen to grow their partnership beyond Oracle Ridge.”
“This agreement is testament to the quality of the people involved, the trust we have in each other, and the understanding that by acting collaboratively we can achieve better outcomes in this competitive environment.”
Eagle Mountain Mining is a mineral explorer and developer focused on copper, gold, and silver assets in Arizona.
Write to Paula Fabe at Mining.com.au
Images: Eagle Mountain Mining
